Bitcoin may look like it’s on the verge of falling under the control of bears, but one crypto big-wig thinks the top coin won’t be dropping below the four-figure price any time soon. Nigel Green, who is the CEO of the financial advisory firm, DeVere, argues this with much conviction.
It’s A Trend
Nigel Green contends that Bitcoin has already established somewhat of a trend in 2019, and a good look at that trend reveals that BTC has regained energy to surge forward every time it has fallen back and faced a threat of going under $10,000.
Citing that, Nigel opines that Bitcoin traders are really wary of pushing it down the four-figure level and are bound to ensure it stays above $10k.
US-China Trade War
Going on, Nigel Green mentioned the ongoing trade war between the US and China as another one of the factors helping in keeping Bitcoin above $10k.
He explains that the war has driven a lot of big-money Chinese investors away from the Chinese fiat that’s facing inflation. These people have turned to the Japanese Yen, Gold, and cryptocurrencies especially Bitcoin as safe havens for their money.
In effect, more money is now flowing into the Bitcoin market, thereby helping maintain the price.
Nigel also talked about the upcoming Bitcoin network reward halving slated for May 2020. The halving will cut the Bitcoin supply rate by half, a development that’s always bullish for Bitcoin.
In fact, various analysts have foreseen a spike in Bitcoin’s price way before the halving happens, and a look at data from previous halving cycles suggest the same.
Bitcoin’s popularity is increasing across the globe, and that has led to more people getting exposed to its future possibilities. In fact, many are now turning away from other risk-averse assets in favor of Bitcoin.
As such, the crypto’s price is gaining more support around the current value. According to Nigel Green, Bitcoin may as well have bottomed out at $10,000.